Kpler OIL (Philadelphia Loading Delays)

 

Originally Released on 28 September 2017

Exports to Asia from the United States

Asian demand for U.S. crude has been strong over the past week. All 2,065 kbd was shipped to the Singapore Republic aboard the following vessels:

  • Gener8 Hera – loaded approximately 500,000 barrels on September 24th, and 527,000 barrels on September 25th through ship-to-ship transfers in Galveston Light. Fixture data holds an expected arrival date of November 6th.
  • Ast Sunshine – loaded approximately 1 million barrels on September 28th at Oxy Ingleside. Fixture data holds an expected arrival date of November 10th.

PADD 3 Oil-on-Water

Nearly 4-weeks after Hurricane Harvey, PADD 3 is finally starting to show signs of recovery. Total oil-on-water has fallen from 25.8 million barrels on 9/22 to 22.9 million barrels as of 9/28. Floating storage as a percentage of total oil-on-water also seems to have fallen consistently below 30% – this is in contrast to the previous week, which was on average 33% of total oil-on-water.

Philadelphia Loading Delays

Loading delays continue in Philadelphia due to choppy seas resulting from Tropical Storm Maria. No volume has been imported into the Port over the last week. The latest vessel to discharge any crude was the Coral Sea on September 17th into the PBF Paulsboro Refinery. There are currently six loaded vessels located near the Big Stone lightering zone and another 3 loaded vessels near the entrance to the Delaware Bay.

  • Nordic Zenith – arrived at Big Stone Light on September 13th loaded with approximately 1 million barrels of Akpo crude oil.
  • Zenith Spirit – arrived at Big Stone Light on September 15th loaded with approximately 1 million barrels of crude oil from the Bethioua installation.
  • Eagle San Antonio – arrived at Big Stone Light on September 23rd loaded with approximately 800,000 barrels of Akpo crude oil.
  • Eagle Kinarut – arrived at the entrance to Delaware Bay on September 23rd loaded with approximately 478,000 barrels of Arab grade crude oil from a ship-to-ship transfer at Galveston Light.
  • C. Innovator – arrived at the entrance to Delaware Bay on September 23rd loaded with approximately 1.1 million barrels of crude oil from the Brass River installation.
  • Cape Bari – arrived at the entrance to Delaware Bay on September 21st loaded with approximately 1 million barrels of Basrah Heavy crude oil.

Exports from Zawia Terminal

The Zawia terminal in Libya serves as the export point for the nearly 230,000 barrels of crude oil produced every day at the nation-states largest producing field – Sharara. The pipeline was blockaded by rebels and forced out of operation in late-August and early-September. The pipeline is once again fully operational. The Zawia export terminal loaded a total of 1,250 kbd of crude oil over the past week.

  • Zarifa Aliyeva – loaded approximately 500,000 barrels of crude oil on September 25th. She already discharged half her load at Fos Sur Mer and AIS signaling indicates she will discharge the rest of her load at Augusta on the eastern coast of Catania.
  • New Amorgos – loaded approximately 750,000 barrels of crude oil on September 27th. Currently headed to the Mediterranean Sea.

Total World Floating Storage

The volume of total world floating storage has seen a slight uptick over the past seven days. This follows nearly 6-weeks of declines. Between 7/30 and 9/13, total world floating storage declined by nearly 60 million barrels. This trend has since reversed slightly. Floating storage on 9/28 was 49.6 million barrels. The Brent forward curve continues to remain staunchly in backwardation.

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